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Yep those inflation figures on Tuesday were a bit of a disaster for Merv,I think he was counting on CPI having hit 2% by now with so many one off deflationary factors to hide behind.No doubt the fact that core inflation has again risen to 1.9%* and the increase for May MOM was still a hefty 0.3% alerted the market s to what a right f**k up the chumps are making of shadowing the target.

*the MPC relies on a core inflation rate of around 1.2% to hit a 2% CPI target because other components of the indicies average far more than 2%.